The present invention relates generally to storage rack arrangements for storage of articles on an associated wall or like supporting surface, and more particularly to a storage rack assembly configured for wall-mounted storage of a bicycle or like article, wherein the assembly includes a pair of independently pivotal support arms movable about respective pivot axes arranged in an angular relationship. The support arms can be positioned to provide the assembly with a relatively compact configuration to facilitate efficient shipment and display for consumer purchase, with the support arms being easily movable to a generally diverging configuration to facilitate wall-mounted storage of articles.